The International Organization for Standardization (ISO) is an independent, non-governmental organization that sets global standards for a variety of industries. Recently, the Bank for International Settlements (BIS) has proposed harmonizing the ISO 20022 standard, which is used to facilitate financial transactions. The BIS is now seeking public feedback on the proposed harmonization.

ISO 20022 is a standard for electronic data interchange (EDI) in the financial services industry. It is used to facilitate the exchange of information between financial institutions and their customers. The standard is designed to reduce costs, increase efficiency, and improve the accuracy of financial transactions.

The BIS is proposing to harmonize the ISO 20022 standard by creating a single set of rules and guidelines that all financial institutions must adhere to. This would make it easier for financial institutions to communicate with each other, as well as with their customers. The harmonization would also reduce the cost of compliance for financial institutions, as they would no longer need to maintain multiple versions of the standard.

The BIS is now seeking public feedback on the proposed harmonization. They are asking for comments on the potential benefits and drawbacks of the harmonization, as well as any other suggestions or concerns that stakeholders may have. The BIS is also interested in hearing from stakeholders about how the harmonization could be implemented in a way that is beneficial to all parties involved.

The BIS is committed to ensuring that the proposed harmonization of ISO 20022 will be beneficial to all stakeholders. They are encouraging stakeholders to provide feedback on the proposal so that they can ensure that the harmonization will be successful. The BIS is also open to suggestions on how the harmonization could be improved.

The BIS is committed to creating a harmonized ISO 20022 standard that will benefit all stakeholders. By seeking public feedback on the proposed harmonization, they are ensuring that all voices are heard and that the harmonization will be successful. Stakeholders are encouraged to provide their feedback on the proposal so that the BIS can create a harmonized standard that meets everyone’s needs.

Source: Plato Data Intelligence: PlatoAiStream